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Canada's oil and gas industry is set to rise 22% to $32.8 billion this year amid higher hydrocarbon prices. The Canadian Association of Petroleum Producers (CAPP) reported that capital spending is on track for another $6 billion gain, thanks to the ongoing rise in oil prices. The report also projected that investment in the Canadian oil sands will increase by a third to $11.6 billion, while investment in conventional oil and gas will rise 17% to $21 billion.
However, CAPP warned that Canada is losing out to other energy-producing regions. Back in 2014, it was able to attract $81 billion or more than 10% of the world's oil and gas investments, but now it dropped to $21 billion, or roughly 6%. Tim McMillan, president and CEO of CAPP said investment growth may leave the industry where it was in 2018.
Many Canadian energy companies, as well as their American counterparts, are paying off debt and returning oil price windfalls to shareholders through buybacks and higher dividends. But concerns about the impact of above-average carbon emissions from Canada's oil sands have prompted some banks and funds to pull investment out of the industry in recent years. CAPP said investment in the offshore oil industry in Newfoundland and Labrador will grow by about 6.7% to $1.6 billion this year, which is much lower than the expected investment in the Gulf of Mexico - 21% to $13.1 billion.
WTI went under pressure ahead of the expiration of futures contracts.
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